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U.S. may sue Realtors on commissions
CNN ^
| May 9, 2005: 6:38 AM EDT
| CNN
Posted on 05/09/2005 4:59:07 AM PDT by Koblenz
NEW YORK (Reuters) - U.S. antitrust regulators are preparing to sue the National Association of Realtors (NAR) over policies they believe will illegally restrict commission discounting and harm online competitors, The Wall Street Journal reported Monday.
The effort by the Justice Department and the Federal Trade Commission aims to protect buyers and sellers of homes and could help contain high real-estate costs in a booming housing market, the newspaper said.
(Excerpt) Read more at money.cnn.com ...
TOPICS: Business/Economy
KEYWORDS: brokers; commissions; fairtrade; govwatch; realestate; realtors
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To: cbkaty
I use this attorney even when I buy a property through a Realtor and I never buy from the listing broker. I use a buyers broker to represent my interest not the sellers in these cases...
121
posted on
05/09/2005 4:55:09 PM PDT
by
tubebender
(We child proofed our house but they still get in...)
To: Petronski
I don't get why everyone seems to think I am in favor of mandates. All I said was that I think real estate brokers earn their usual 6% commission. I certainly didn't mean to suggest, nor do I agree, that the government ought to be setting the rate.
122
posted on
05/09/2005 5:44:42 PM PDT
by
Maceman
(Too nuanced for a bumper sticker)
To: Koblenz
I just sold my house and the realtors got $32,000. And that wasn't even six percent. For what they do...HIGHWAY ROBBERY, although I wouldn't want to do all the paperwork, I really don't think it should cost that much.
123
posted on
05/09/2005 5:48:10 PM PDT
by
Hildy
( The reason a dog has so many friends is that he wags his tail instead of his tongue)
To: righttackle44
". . .we will do it ourselves (FSBO)." My wife used to sell real estate. Do you know how many panicked families called her because they'd fsbo'd their house themselves and made a major error and hoped someone could bail them out?
I don't know the nature of the errors these buyers made. For my part, I will be excruciatingly complete in describing all of the quirks and issues present in the house I sell. Assuming the buyers want a mortgage, the banks are pretty good at making reasonable inspections and evaluations.
Again, I don't begrudge realtors their money, but when the realtors' organization sponsors billboards for school tax increases, paid for by their commissions at least indirectly, I would rather opt-out.
For many people, especially those in the cheaper part of the housing market, FSBO is a better way to go. It would not be such a popular option around here if the realtors suited everybody's needs.
124
posted on
05/09/2005 7:01:53 PM PDT
by
sittnick
(There's no salvation in politics.)
To: Maceman
$30,000 for the average house in commission in CA for about a week's work is ridiculous.
125
posted on
05/09/2005 7:04:12 PM PDT
by
A CA Guy
(God Bless America, God bless and keep safe our fighting men and women.)
To: Maceman
I'm about ready to sell my home, I already have a buyer ready and waiting. My friend the real estate broker said she would handle the paperwork for 'only' 4%--which is $12,000. Not much of a friend.
To: kevkrom
If you use a realtor in Falls Church, VA, you are an idiot.
A settlement atty. will ask $500 bucks, hang a sign on your house, FSBO, 750k, someone will pay you a million for it before the sun sets.
What, exactly, is the realtor for?
I wanna pay them $60k to hang the sign?
127
posted on
05/09/2005 7:09:13 PM PDT
by
patton
("Fool," said my Muse to me, "look in thy heart, and write.")
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